Why You Need To Draft A Will
No one wants to think ahead to their death. However, there are some essential documents you need in place before the unthinkable happens. Drafting a will may be the most important action you can take for yourself and your family. It will legally protect your spouse, children, and your assets and ensure your wishes are followed.
There are many reasons to have a will. When you die without a will, you cannot select the recipients of your assets, but instead the laws of the state you reside in will determine how your assets are divided. Not having a will can make it more difficult for your loved ones after you pass.
No matter what stage of life you are in, it is never a bad idea to get a will put into place, especially if you are married and have children.
What is a Will?
A will is a legal document that determines how you want your assets to be distributed after you die. It lays out to whom your belongings should go, how they should be distributed, and who's in charge of making that happen.
Making a will gives you the opportunity to name an executor, known as a “personal representative” in South Carolina, who will ensure that your wishes are followed and that any debt connected to your assets are handled properly. For this document to be legally valid in South Carolina, it has to be signed by you and two witnesses.
Anyone can make a will as long as they are at least 18 years old and are of sound mind, meaning you should:
Be of legal age and understand what a will is and what the document means before signing it.
Know the people listed in your will and what your relationship is with them.
Know what your assets are and how you want to pass those assets down.
Benefits of Having a Will
It ensures your wishes are carried out.
If you have important assets that you want to go to specific people, the only way to ensure that it goes to them is to have a legally-binding document or a will outlining exactly where you want everything to go. But if you die without a will, there is no guarantee that your desires will be carried out. Certain relatives may receive your assets by default, or it is even possible that some or all your assets will go to the government if those relatives are no longer living. With a will, you can specify the family members, friends or organizations you want to leave inheritances to, how much they will get, and on what conditions.
It determines who your personal representative will be.
When you write a will, you have the opportunity to determine your primary and alternate personal representative.This is the person who will be in charge of wrapping up your affairs. This person will handle the probate process, closing bank accounts and distributing your assets to your beneficiaries, and more. It is important that the right people are chosen. If you don't choose a personal representative in your will, then the court will appoint one for you.
It ensures your children are looked after.
Having a will is the most effective way of ensuring that your children are provided for after you are gone. It gives peace of mind not only to you but also to your loved ones, who will know that steps have been taken to provide them with the financial security they will require if something unforeseen happens to you. In your will, you can designate individuals who will be guardians for the children should both parents die, and you can also designate a trustee to hold assets for their benefit until they reach a certain age.
What if you don't have kids and are not married to your partner? Then a will is also helpful as it can ensure your partner is looked after. If you are in a common-law relationship and want your partner to be a beneficiary of most of your assets, you will have to indicate it clearly in your will. Otherwise, everything you own, including the properties you may have shared with your partner for years, could end up going to someone else you didn’t intend to share with.
It saves time and money.
Almost all estates have to go to probate court to start the legal process of overseeing the distribution of assets. When you don't have a will, the court process – known as intestate administration – can get complicated. The court has to name an executor to administer your estate and this can be time-consuming, expensive, and even contentious for your loved ones.
By having a will, you can streamline this court process and save your family money from public executor fees and reduce estate taxes or inheritance taxes.
Ask for Help When Creating a Will
Your will is an important document that should not be written carelessly. When you die, attention should be paid to your memory, not on dividing up your assets. Drafting a will ensures that your memory and assets are honored according to your wishes. This is not something to be taken lightly.
If you need help in drafting a clear and legal will, or have other estate planning questions, our attorneys at HHP Law Group can work with you and provide you with the security of knowing your wishes, assets and loved ones will be taken care of. Get in touch with us today.